FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following information is available for cullumber company for three recent fiscal years.

                                       2022               2021              2020

Inventory                        532,000          580,000          330,000

Net Sales                        1,920,000         1,750,000       1,315,000

Cost of goods sold         1,334,400          1,137,000      943,000

Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)

2022   2021
Inventory Turnover
  enter an inventory turnover times   enter an inventory turnover times
Days in Inventory
  enter a number of days days   enter a number of days days
Gross Profit Rate
  enter percentages %   enter percentages %
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